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SpeedTrader

By on November 5, 2012
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Stock USA or Stock USA Execution Services, Inc. is a broker/dealer company based in New York. It is a member of NFA and FINRA. SpeedTrader is a division of this company founded in the year 1999 by Guy Gentile.

In this SpeedTrader review, I’ll cover what SpeedTrader has to offer, who they’re right for, and give you guys some links to the latest SpeedTrader promotions. If you’ve used SpeedTrader before, please add your own rating and review below.


SpeedTrader – The Basics:

Investments: Stocks, options, futures, forex, mutual funds
Commissions: Stocks are $6.95 per trade, options are $1 per contract. Mutual funds are $50. There is no additional fee for broker assisted trades.
Investor Education: Online education centre includes seminars, webinars and training videos.
Mobile apps: iPhone.

 

SpeedTrader offers various platforms for trading. These include SpeedTrader 2.0, SpeedTrader Pro, Sterling Trader PRO and iSpeedTrader Mobile for trading in equities and options. For futures trading, traders can use SpeedTrader Pro.

SpeedTrader offers accounts such as Standard, Organization, IRA and Margin accounts. The minimum for opening and maintaining a cash account is $1,000 and that for a margin account is $2,000. If it is a pattern day trading account that you wish to open and maintain with SpeedTrader, the minimum required is $25,000. Apply for an account now.

Among the services provided by SpeedTrader, institutional services for businesses and companies, broker-dealer or trading groups are included. They also provide automated training through API and Black Box trading systems apart from algorithmic trading strategies and high frequency trading.


Pros & Cons Of SpeedTrader:

Pros Cons
  • The commissions are low for very active traders.
  • Traders can get free streaming of Level I or Level II quotes.
  • The trading platform is advanced and professional.
  • Free intra-day charting facility.
  • Virtual trading is possible.
  • A Quarterly Inactivity fee of $30 is levied if there are trades less than 15.
  • The software fees are high.
  • Mutual funds commissions are also high.
  • The annual IRA fee is $35 and the IRA set-up fee is $25.
  • For Option exercise as well as assignment, the fee is $30 each.

How Others Rated SpeedTrader In 2012:

Barron’s: 2.5/5 stars

          Highest rated category: Usability

          Lowest rated category: Portfolio Analysis and Reports

Smart Money: N/A

          Highest rated category: N/A

          Lowest rated category: N/A


Word On The Street Is…

SpeedTrader is generally for very active traders and not really recommended for beginners or novice investors. The cost of opening and maintaining IRA accounts are also high with SpeedTrader.

Overall takeaway: Although SpeedTrader offers fast as well as efficient trading platforms to its customers, most traders feel that their charts are poor in comparison.


SpeedTrader Promotion Code:

Hit the link below to claim the latest SpeedTrader promotion. Click below to claim promotion code Check here for the latest SpeedTrader promotions

Where To Open A SpeedTrader Account:

Open A Personal/Joint/Custodial/Business Account With SpeedTrader: Apply Here

Open An IRA Account With SpeedTrader: Apply Here

Open A Forex Trading Account With SpeedTrader: Apply Here

P.S. Don’t forget, if you’ve used SpeedTrader before, please help us by adding your rating and review below!

About Peter Voga

Self-confessed coffee addict. Family man. Rage Against The Machine fan. Lover (and sometimes hater) of the stock market. Founder of BrokerChats. For more, follow me @petervoga or check me out on Facebook or Google+.

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